Tata Steel (TATASTEEL) AGM 2024 summary

Opening remarks and agenda

• The 117th Annual General Meeting was held on July 15, 2024, via audio-visual means, with safety protocols and technical instructions provided to participants.

• Shareholders were welcomed, directors and key executives introduced, and union representatives acknowledged for their contributions.

• Statutory auditors, cost auditors, and company secretaries were present, and compliance with regulatory guidelines was confirmed.

Financial performance review

• Standalone revenue for FY24 was INR 1,40,987 crore, with EBITDA at INR 31,004 crore and profit after tax at INR 4,807 crore, impacted by a significant impairment charge related to UK operations.

• Consolidated revenue reached INR 2,29,171 crore, EBITDA INR 23,402 crore, and a net loss of INR 4,910 crore, mainly due to weaker sales, high raw material costs, and operational challenges in Europe.

• Crude steel production totaled 29.9 million tons; PAT before exceptional items was INR 2,904 crore.

• Total shareholder returns outperformed Nifty 50 and Sensex over 5, 10, and 25 years.

• Dividend of INR 3.60 per equity share was recommended for FY24.

Board and executive committee updates

• Directors and committee chairs introduced themselves, highlighting expertise in audit, risk, safety, CSR, and remuneration.

• Leadership committed to safety, with zero harm initiatives and an integrated safety performance index.

• Talent integration post-merger, skill development, and diversity initiatives, including onboarding women and transgenders in mining.